- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
You will enter separate prices for the house, which depreciates, and the land, which does not. You will also have a selling price for each of the assets associated with the house, which includes your improvements (if you have not included them as repairs, which would come off your remtal income). The total of all those prices should add up to the total sales price. The costs associated with the sale are deductible (some are anyway) and when you go through the Interview Steps you will be asked for those costs. They will be listed on the papers you received at the closing from the closing agent (realtor or title agent). The value of the lot is on the tax card and you can request that from your town's tax assessor clerk. Likely you entered the basis for the property in Turbo Tax when you aquired the property, that would have a separate basis value for the house and the land. Hope this helps. It's a PIA for sure.
‎June 5, 2019
4:51 PM